As stated before, I used 5 MTF as reference for entry and exit but trade on 1 MTF.
Referring to the 5 MTF, a triangle on EURJPY formed after Tokyo open. At point 1, there is a breakout of the triangle for upside that was confirmed by MACD and lag. EURJPY met resistance at point 2 with round number 121.50, pivot mid-point and diagonal line. A trade opportunity for short at this point 2.
A price reaction with retest the triangle at declining resistance line, Tokyo opening price and 200 EMA. The Tokyo opening price has managed to support the price four time. Stop and reversed with potential for upside as the moving averages explode from the lateral movement.
My trades on 1 MTF are as follows1. Enter short at point A that is consistence with point 2 on 5 MTF.
2. Stop and reversed at B that is consistence with point 3 on 5 MTF.
The lag and MACD are in line for entry and exit respectively.
